Oncolytics Biotech Inc. Collaborators Present Reovirus and Melanoma Research at EORTC-NCI-AACR Symposium

    CALGARY, Oct. 23 /CNW/ - Oncolytics Biotech Inc. (TSX: ONC, NASDAQ:   ONCY)
announced today that Dr. Shizuko Sei of SAIC-Frederick, Inc., delivered a
poster presentation entitled "In Vivo Efficacy and Replication Dynamics of
Intravenously Administered Oncolytic Reovirus in Nude Mice Bearing Human
Melanoma Xenografts" at the 20th EORTC-NCI-AACR Symposium on Molecular Targets
and Cancer Therapeutics. SAIC-Frederick is the prime contractor to the
National Cancer Institute at Frederick (NCI-F) in the United States. The
conference is being held in Geneva, Switzerland, from October 21-24, 2008.
    Mice bearing human melanoma tumours each received a single injection of
reovirus at various dose levels, administered intravenously. Dose-dependent
tumor growth delay was observed in the treated animals, with the effect most
pronounced for the first seven days. Reovirus was demonstrated to be in all
biopsied tumors and the level consistently increased from day 2 through day 7
in all dose groups.
    The investigators concluded that a single IV administration of reovirus
led to substantial tumor growth delay in melanoma-bearing nude mice, and the
extent of acute phase reovirus replication in tumor tissues appeared to
predict the subsequent tumor response. This proof-of-principle study
demonstrates that systemically administered reovirus can reach and replicate
in distant tumor tissues, resulting in virus-induced oncolysis.
    The research supports the ongoing U.S. NCI-sponsored Phase 2 clinical
trial that is examining REOLYSIN(R) given as a single agent in patients with
metastatic melanoma under a Clinical Trials Agreement between Oncolytics and
the Division of Cancer Treatment and Diagnosis, NCI.
    The poster will be accessible on the Oncolytics website at
www.oncolyticsbiotech.com as soon as it is available.
    The EORTC-NCI-AACR symposium is held on an annual basis and is jointly
organized by the European Organization for Research and Treatment of Cancer
(EORTC), the U.S. National Cancer Institute (NCI) and the American Association
for Cancer Research (AACR).

    About Oncolytics Biotech Inc.

    Oncolytics is a Calgary-based biotechnology company focused on the
development of oncolytic viruses as potential cancer therapeutics. Oncolytics'
clinical program includes a variety of Phase I/II and Phase II human trials
using REOLYSIN(R), its proprietary formulation of the human reovirus, alone
and in combination with radiation or chemotherapy. For further information
about Oncolytics, please visit www.oncolyticsbiotech.com.

    This press release contains forward-looking statements, within the
meaning of Section 21E of the Securities Exchange Act of 1934, as amended.
Forward-looking statements, including the implication of the materials
presented at this meeting with respect to REOLYSIN(R), the Company's
expectations related to the results of trials investigating delivery of
REOLYSIN(R), and the Company's belief as to the potential of REOLYSIN(R) as a
cancer therapeutic, involve known and unknown risks and uncertainties, which
could cause the Company's actual results to differ materially from those in
the forward-looking statements. Such risks and uncertainties include, among
others, the availability of funds and resources to pursue research and
development projects, the efficacy of REOLYSIN(R) as a cancer treatment, the
success and timely completion of clinical studies and trials, the Company's
ability to successfully commercialize REOLYSIN(R), uncertainties related to
the research and development of pharmaceuticals, uncertainties related to the
regulatory process and general changes to the economic environment. Investors
should consult the Company's quarterly and annual filings with the Canadian
and U.S. securities commissions for additional information on risks and
uncertainties relating to the forward-looking statements. Investors are
cautioned against placing undue reliance on forward-looking statements. The
Company does not undertake to update these forward-looking statements, except
as required by applicable laws.

    %SEDAR: 00013081E

For further information:

For further information: Oncolytics Biotech Inc.: Cathy Ward, 210, 1167
Kensington Cr NW, Calgary, Alberta, T2N 1X7, Tel: (403) 670-7377, Fax: (403)
283-0858, cathy.ward@oncolytics.ca; The Equicom Group: Nick Hurst, 325, 300
5th Ave. SW, Calgary, Alberta, T2P 3C4, Tel: (403) 538-4845, Fax: (403)
237-6916, nhurst@equicomgroup.com; The Investor Relations Group: Erika Moran,
11 Stone St, 3rd Floor, New York, NY 10004, Tel: (212) 825-3210, Fax: (212)
825-3229, emoran@investorrelationsgroup.com

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